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Tips to help you prepare to buy or sell your property

Everyone knows that buying or selling a property is one of the most important transactions you will ever enter into in your life. And because every transaction is unique and can bring many surprises, the OACIQ, the Organization responsible for protecting the public by overseeing real estate and mortgage brokerage practices, has compiled the following tips to help you plan and understand the process involved.

When choosing a broker, prepare a list of questions to ask of potential candidates: Does he know the area you are looking at? Does he understand your needs and requirements? Feeling at ease and having trust in your broker is crucial. You should also make sure that he is properly licensed by checking the Register of licence holderson the OACIQ website.

When choosing a broker, prepare a list of questions to ask of potential candidates: Does he have a flexible schedule and will he be available to answer your questions and arrange visits? Does he have interesting ideas on how to promote your property? Feeling at ease and having trust in your broker is crucial. You should also make sure that he is properly licensed by checking the Register of licence holders on the OACIQ website.

3. Analyze your buying capacity Before you even start looking for a property, it is important to draw up a realistic budget that takes your lifestyle and goals into account. Your real estate and mortgage brokers can help you determine the amount of financing you will need.

3. Your broker’s remuneration Generally, remuneration is based on a percentage of the selling price of the property. Other remuneration methods are also possible; discuss them with your broker. The remuneration amount and terms will be defined in your brokerage contract.

4. Determining your needs Once you know how much you can afford to pay, determine what type of property you are seeking: Single-family? Semi-detached? Multiplex? With a pool? A garage? Take the time to discuss your needs with your broker so he can direct you to the right type of property and help you find YOUR dream home.

4. The marketing of your property It is a good idea to discuss with your broker the promotional tools he plans to use to sell your property, including listing with an information dissemination service, advertising, open houses, etc. In addition, your broker has a valuable network of contacts that will give your property increased visibility.

6. The seller’s declarations The Declarations by the seller of the immovable form is essential to protect your own interests and those of the buyer. In it you must declare, in good faith, everything you know about your property, such as servitudes, water infiltration problems, etc. Your broker is the professional who is knowledgeable about this form. He is familiar with the content, the vocabulary used and the proper way to complete it in order to accurately reflect the condition of your property.

7. The pre-purchase inspection Your broker has an ethical obligation to recommend that you have the property inspected by a professional or a building inspector who meets the requirements outlined in the regulations.

8. The counter-proposal The price is not the only thing that determines if your promise to purchase will be accepted. The seller could issue a counter-proposal on the price, but also regarding the date of occupancy. Not happy with the proposal? Your broker will help you draft your own counter-proposal in response.

8. The property transfer This stage will require the involvement of a notary who will examine titles and draft the deed of sale. Your broker will continue to play a pivotal role, making sure that all the documents required are available and otherwise assisting in the process.

9. Your broker, your ally

Remember that your broker is a true real estate professional. He will guide you through every step of your transaction in order to bring it to its successful completion.

Century 21 Canada Limited Partnership currently has franchise opportunities available in select markets across Canada. The intent of this communication is for informational purposes only and is not intended to be a solicitation to anyone under contract with another real estate brokerage organization. CENTURY 21® is a registered trademark owned by Century 21 Real Estate LLC, used under license.
Each office is independently owned and operated. ®(™) Registered trademarks of Century 21 Real Estate LLC used under license.

The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.